Bulverde & Hill Country Real Estate

From the San Antonio Business Journal:

“Home prices in Texas have defied the overall downward trend seen in other U.S. housing markets, according to a study by First American Loan Performance.

In the San Antonio area, home prices increased 7.89 percent over the 12 months ending in October. Other Texas markets included in the study’s top 30 statistical areas include Austin-Round Rock, which increased 8.62 percent; Dallas-Fort Worth-Arlington, up 3.92 percent; and Houston-Sugar Land-Baytown, with a 4.52 percent increase.”

That means that the San Antonio Area ranked 4th nationwide in appreciation. In all, only 10 of the nation’s largest metro area’s had increases in home prices, with 4 of those in Texas.

That was this mornings headline in the San Antonio Express News. It seems that San Antonio will avoid the housing downturn that the rest of the country is experiencing for now…but it will be interesting to see how 2008 plays out for us.

According to the Express News:

“San Antonio, however, seems to be escaping the brunt of the housing downturn because a strong job market and affordable prices have kept the city, as well as the rest of Texas, relatively insulated from the most distressing problems facing other parts of the country.In September, the annual new-home sales rate was 16,371 in the San Antonio area, down just 1.8 percent from the annual rate for September 2006, according to the most recent data available from the housing research firm Metrostudy. Builders this year, however, have increased incentives to buyers to unload their excess inventory.

While there were fewer new home sales and housing starts, 2007 is likely to be the third-best year on record for new-home construction in San Antonio, with builders starting 14,328 homes between September 2006 and September 2007, according to Metrostudy.

That’s a 27 percent drop from the record set between the same period in 2005 and 2006, when there were 19,600 home-starts.”

According to the most recent MLS figures, the San Antonio median home price is $62,000 dollars less than Austin’s…quite a big difference for an hour drive…that’s why we love the Hill Country, because we are in between the 2 unique Texas cities and can be to either city in less than an hour and can find any type and price of home you want…

If you are thinking about buying a home in ‘08, you need to be be aware of the new credit score changes, because it will effect how much you pay for your mortgage. According to this article in the Wall Street Journal, “The company that cooks up credit scores for millions of Americans is changing its recipe — and that could affect how easily you get credit in the future.”

Generally the higher your credit score, the better the interest rate, allowing you to receive a smaller mortgage payment or purchase a more expensive home. The difference between a 620 score and a 660 score can mean the difference of a 1%, which on a $200,000 home loan can mean over $100 per month over 30 years, or a whopping $36,000.

If you have had some credit challenges, it can also mean the difference between getting a loan and not. For many first time home buyers, the FHA loan is a popular choice because of its low down payment and low interest rate, but many lenders require a minimum score of 580. You may qualify for that today, but with the changes to the credit scoring system, that could change. If you are unsure what you score is, have it checked out at Equifax Credit. If you want to raise your score, check out Veracity Credit Optimization, a company that many mortgage companies refer clients to.

We are often asked what we like most about Texas, and I think Gary P. Nunn put it best in one of his songs….

If you are wondering what a sunset looks like in the Texas Hill Country….this video shows just how peaceful the Hill Country lifestyle can be….this was shot by a past client, Larry Miller MD, who also is an accomplished pilot…

As Realtors, we are required to disclose everything to the buyer….for instance what if your house were haunted….

According to HomeVestors, you know the company that advertises “We buy Ugly Houses”, has named San Antonio one of the top investment areas in the US…

The sky may be falling elsewhere, but the San Antonio area remains a strong area for real estate investment…

Are you impressed with a drop in home values of 6.1% over a year? It doesn’t seem like such a big correction, given the dramatic run-up in prices over the last decade or so. … And don’t declining prices make housing more… what’s the word? … affordable? … This evening NBC Nightly News billboarded a “housing CRISIS.” I thought a “housing crisis” was when people couldn’t find housing, not when it got cheaper. (NBC’s expert: “It’s very, very difficult to find any silver lining.” No it’s not.) …

Not in the blog. But in San Antonio.

An investment Web site called NuWire Investors has named San Antonio the top city for real estate investment.

The rankings considered population, job growth, home values, vacancy rates and unemployment rates. They also considered affordability, which was determined by comparing median income for the area to average expenses.

Texas in general is a pretty solid place to invest. Five of the top 10 investment cities are in Texas:
1. San Antonio, Texas
2. Garland, Texas
3. Montgomery, Ala.
4. Lubbock, Texas
5. Laredo, Texas
6. Fort Wayne, Ind.
7. Baton Rouge, La.
8. Fort Worth, Texas
9. Wichita, Kan.
10. Shreveport, La.